EDEN PRAIRIE, BLOOMINGTON, ORONO AND MOUND, MINN. — MJ Partners Real Estate Services has brokered the $22 million sale of a four-property Metro RV & Mini Storage Portfolio in Minneapolis. Metro Storage HHF Venture LLC, a joint venture between Lake Forest, Illinois-based Metro Storage and Chicago-based Heitman, purchased the properties. The portfolio consists of 208,184 rentable square feet with 1,501 storage units and 448 RV/parking spaces. The properties are located in Eden Prairie, Bloomington, Orono and Mound, Minn. The portfolio features overall occupancy of 82.2 percent for three stabilized properties, and 53 percent for the recently opened Orono property. The properties will all be rebranded as Metro Self Storage.
Retail
WILKES BARRE, PA. — Marcus & Millichap has brokered the sale of Midtown Village in downtown Wilkes Barre. A Wyoming Valley private investor acquired the 25,583-square-foot shopping center from an affiliate of Wilkes Barre-based Humford Equities. Located at 41 South Main St., the shopping center was developed in 1978. Jeff Algatt, Dean Zang and Mark Taylor of Marcus & Millichap represented the seller. Additionally, Algatt secured the buyer.
NAPLES, FLA. — HFF has arranged the sale of Crossroads Market and Neapolitan Way, two Publix-anchored shopping centers in Naples. Danny Finkle, Luis Castillo and Kimberly Flores led the HFF investment sales team that represented the seller, Madison Marquette Retail Services, in the transaction. A private real estate fund advised by Crow Holdings Capital-Real Estate purchased the two assets. Crossroads Market is located at 6029 Pine Ridge Road and is 98.4 percent leased to tenants such as Publix, Walgreens, Crunch, Physicians Regional Health Care and Chase Bank. Neapolitan Way is located at 4601 Tamiami Trail and is 92.9 percent leased to tenants including Publix, Walgreens and Bill Smith Appliances.
SAN ANTONIO & SPRING, TEXAS — The Woodmont Co. has arranged two, five-year leases with Altitude Trampoline Park for new locations in San Antonio and Spring. Joseph Williams of The Woodmont Co. represented the tenant, Altitude Trampoline Park, in both transactions. The company will occupy 27,428 square feet at Heubner Oaks Shopping Center in San Antonio and 41,000 square feet at Spring Cypress Shopping Center in Spring. Both locations are under construction and plan to open late this year.
SAN DIEGO – An 8,400-square-foot restaurant space in the San Diego submarket of Encinitas has sold to PS2 Pacific LLC for $6.5 million. The beachfront property is located at 2530 Highway 101. The buyer plans to renovate the property before opening a new restaurant at the space, which has been vacant for more than a year. The buyer also owns Pacific Coast Grill, an adjacent restaurant property. The seller, Avolencia Group LLC, originally built the property more than 40 years ago. It had no outside representation. The buyer was represented by Richard Lebert and Matt Zimsky of Colliers International.
CHICAGO — The BSC Group has arranged a total debt recapitalization, helping Florida-based iStorage replace existing loans with a new $50 million revolving credit facility. This transaction included a portfolio of 19 self-storage properties located in Ohio, Florida, New Jersey, Virginia, Georgia, Nevada and California. The new credit facility provides the borrower with additional capital to be used for general working capital purposes, as well as the future expansion of the business. The three-year loan was funded by a national bank and featured a variable rate of 2.25 percent over LIBOR with no amortization requirements and open pre-payment. The BSC Group is a Chicago-based commercial real estate financing advisor and self-storage specialist.
PEORIA, ARIZ. — Barstow Shopping Centers has acquired Peoria Marketplace, a 25,481-square-foot shopping center in Peoria, for $5.1 million. The center is located at 7521, 7549 and 7611 West Cactus Road. The property was built in two phases in 2001 and 2002. It was 91 percent occupied at the time of sale. Notable tenants include Farmers Insurance, H&R Block, Panda Express, Little Caesar’s Pizza and Subway. CBRE’s Steve Julius and Jesse Goldsmith represented both the buyer and seller, G and T Retail Properties, in this transaction.
BOCA RATON, FLA. — Konover South LLC has purchased Yamato Crossing, a 28,000-square-foot retail center in Boca Raton, for $13 million. The property is currently 92 percent leased to CVS, Panera Bread and a yet-to-be-built Regions Bank outparcel. Konover South purchased the property through a bankruptcy auction. In addition to owning Yamato Crossing, the company plans to lease and manage the asset as well.
MELBOURNE, FLA. — Faris Lee Investments has completed the $5.7 million sale of ULTA & Shops at Viera, a 14,410-square-foot freestanding retail property in Melbourne, a suburb of Orlando. The newly constructed property is fully leased to ULTA, Hair Cuttery and Subway. This is the third phase in a strategy that Faris Lee has completed on the developer’s behalf for the lifestyle center development, which will total 100,000 square feet of retail space upon completion. Matthew Mousavi, Patrick Luther and Nicholas Coo of Faris Lee Investments represented the seller, a private developer based in Florida, in the transaction. Colliers International represented the buyer, a private investor from San Diego who paid all-cash.
ROCK HILL, S.C. — The Boulder Group has arranged the $3.1 million sale of a single-tenant Dollar General Plus store located at 1333 E. Main St. in Rock Hill, 25 miles south of downtown Charlotte. The 12,480-square-foot store is located across the street from a Food Lion approximately one mile from I-77. Dollar General has more than 13 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate investment firm, in the transaction. The buyer, a South Carolina-based investor, purchased the asset in a 1031 tax-deferred exchange.